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The Value‐relevance of Earnings and Book Value, Ownership Structure, and Business Group Affiliation: Evidence From Korean Business Groups
16 references·16 citing·34 second hopsampled
The Value‐relevance of Earnings and Book Value, Ownership Structure, and Business Group Affiliation: Evidence From Korean Business Groups (2007)The Value‐relevance of Earnings and Book …Earnings management and investor protection: an international comparison (2003)Earnings management and inves…Tunneling (2000)TunnelingThe effect of international institutional factors on properties of accounting earnings (2000)The effect of international i…Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups (2000)Is Group Affiliation Profitab…Investor protection and corporate governance (2000)Investor protection and corpo…Corporate Ownership Around the World (1999)Corporate Ownership Around th…The conservatism principle and the asymmetric timeliness of earnings1 (1997)The conservatism principle an…Legal Determinants of External Finance (1997)Legal Determinants of Externa…Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings? (1997)Do Stock Prices Fully Reflect…Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings? (1996)Do Stock Prices Fully Reflect…The information content of losses (1995)The information content of lo…Earnings, Book Values, and Dividends in Equity Valuation* (1995)Earnings, Book Values, and Di…The market for corporate control (1983)The market for corporate cont…Separation of Ownership and Control (1983)Separation of Ownership and C…Agency Problems and the Theory of the Firm (1980)Agency Problems and the Theor…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Value Relevance Research in Accounting and Reporting Domains: A Bibliometric Analysis (2023)Value Relevance Research in A…Accounting comparability and the value relevance of earnings and book value (2020)Accounting comparability and …Value relevance of accounting information: an emerging country perspective (2018)Value relevance of accounting…The relationship between corporate social responsibility and earnings management: accounting for endogeneity (2018)The relationship between corp…Intragroup Transactions, Corporate Governance, and Corporate Philanthropy in Korean Business Groups (2018)Intragroup Transactions, Corp…Business group affiliation, earnings management and audit quality: evidence from Bangladesh (2017)Business group affiliation, e…International Financial Reporting Standards, board governance, and accounting quality (2016)International Financial Repor…Do business groups affect corporate cash holdings? Evidence from a transition economy (2016)Do business groups affect cor…Relationship Networks and Earnings Informativeness: Evidence from Corruption Cases (2014)Relationship Networks and Ear…Value relevance of voluntary disclosure and the global financial crisis: evidence from China (2013)Value relevance of voluntary …The Value Relevance of Earnings and Book Value: The Importance of Ownership Concentration and Firm Size (2013)The Value Relevance of Earnin…Value relevance of earnings, book value and dividends in an emerging capital market: Kuwait evidence (2012)Value relevance of earnings, …Corporate Governance in Emerging Markets (2012)Corporate Governance in Emerg…Value relevance of earnings: Evidence from Middle Eastern and North African Countries (2010)Value relevance of earnings: …The impact of business group affiliation on performance: evidence from China's 'national champions' (2009)The impact of business group …Tax Motivated Income Shifting and Korean Business Groups (Chaebol) (2009)Tax Motivated Income Shifting…What Do We Know about Capital Structure? Some Evidence from International Data (1995)A Survey of Corporate Governance (1997)An Empirical Evaluation of Accounting Income Numbers (1968)Dividend Policy under Asymmetric Information (1985)Positive Accounting Theory (1985)Performance matched discretionary accrual measures (2005)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)The Theory and Measurement of Business Income (1961)Valuation and Clean Surplus Accounting for Operating and Financial Activities* (1995)Capital markets research in accounting (2001)Does Corporate Social Responsibility Affect the Cost of Capital? (2010)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)The Nature of the Firm (1937)Mergers and the Market for Corporate Control (1965)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Dynamic capabilities and strategic management (1997)The Problem of Social Cost (1960)Law and Finance (1998)Corporate Governance and Equity Prices (2003)Law, finance, and economic growth in China (2005)Markets and Hierarchies: Analysis and Antitrust Implications. (1976)Management ownership and market valuation (1988)Agency Theory: An Assessment and Review (1989)The economic implications of corporate financial reporting (2005)International Accounting Standards and Accounting Quality (2008)Strategic assets and organizational rent (1993)The separation of ownership and control in East Asian Corporations (2000)
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References

  • 1983Separation of Ownership and Control19,446 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1999Corporate Ownership Around the World10,565 cited
  • 1980Agency Problems and the Theory of the Firm10,540 cited
  • 1997Legal Determinants of External Finance9,776 cited
  • 2000Investor protection and corporate governance6,847 cited
  • 2003Earnings management and investor protection: an international comparison5,395 cited
  • 1995Earnings, Book Values, and Dividends in Equity Valuation*5,061 cited
  • 1983The market for corporate control4,145 cited
  • 1997The conservatism principle and the asymmetric timeliness of earnings13,988 cited
  • 2000The effect of international institutional factors on properties of accounting earnings3,198 cited
  • 1996Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?2,636 cited
  • 2000Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups2,588 cited
  • 1995The information content of losses2,315 cited
  • 2000Tunneling2,216 cited
  • 1997

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Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?
2,181 cited

Cited by

  • 2009Tax Motivated Income Shifting and Korean Business Groups (Chaebol)100 cited
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  • 2018Value relevance of accounting information: an emerging country perspective73 cited
  • 2014Relationship Networks and Earnings Informativeness: Evidence from Corruption Cases70 cited
  • 2016Do business groups affect corporate cash holdings? Evidence from a transition economy58 cited
  • 2013The Value Relevance of Earnings and Book Value: The Importance of Ownership Concentration and Firm Size55 cited
  • 2023Value Relevance Research in Accounting and Reporting Domains: A Bibliometric Analysis52 cited
  • 2012Corporate Governance in Emerging Markets52 cited
  • 2013Value relevance of voluntary disclosure and the global financial crisis: evidence from China49 cited
  • 2016International Financial Reporting Standards, board governance, and accounting quality49 cited
  • 2020Accounting comparability and the value relevance of earnings and book value49 cited
  • 2012Value relevance of earnings, book value and dividends in an emerging capital market: Kuwait evidence47 cited
  • 2010Value relevance of earnings: Evidence from Middle Eastern and North African Countries45 cited
  • 2009The impact of business group affiliation on performance: evidence from China's 'national champions'44 cited
  • 2018The relationship between corporate social responsibility and earnings management: accounting for endogeneity43 cited
  • 2018Intragroup Transactions, Corporate Governance, and Corporate Philanthropy in Korean Business Groups41 cited